- Chiliz token is trading higher after a double bottom formation has been formed.
- Trading volume fell by 24.7% overnight to $520 million.
- The Chiliz token is up 4.8% at 0.000001428 satoshis with the bitcoin pairing.
The Chiliz token appears to be bullish on a daily basis and higher on all time frames. This higher momentum is caused by an amazing bullish price pattern. Buyers saw a bullish pattern close to the yearly lows and as a result, we saw that one cannot even take a downside in the market at this point in time.
CHZ on 4-Hour Price Scale
Chiliz crypto recently overcame a retracement phase and this retracement phase created a bullish buying opportunity for buyers on the hourly time frame. Meanwhile, price action registered a double bottom formation near the $0.18-support level. This bullish price pattern helped the bulls break the $0.263-key resistance area.
At the time of writing, the Chiliz coin is trading at the $0.242 mark against USDT. Amidst the bullish trend, buyers hardly manage to keep the asset above the 20-day moving average (above chart). Any price drop below the 20-DMA could trigger a short-term sell scenario. Furthermore, the Chiliz coin is up 4.8% at 0.000001428 satoshis with the bitcoin pair.
CHZ on Daily Price Chart
In terms of the daily price chart, the CHZ coin has survived a significant moving retest amid price accumulation. Now each of the major moving averages such as 20, 50, 100, and 200 are below the live price of CHZ. The market capitalization thus increased by 4.9% in the last 24 hours to reach $1.62 billion. However, trading volume fell 24.7% overnight to $520 million.
Moreover, MACD once again started rising after a correction. Both the moving lines are moving in positive territory.
Conclusion
Chiliz token is trading near the key $0.30 resistance level which the price has faced several times. Hence the bulls need to push the asset above this level as soon as possible to avoid another price correction.
Support levels – $0.18 and $0.15
Resistance level – $0.30 and $0.35
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.